Siem Industries Takes Over FSG Shipyard

German Shipyard Flensburger Schiffbau-Gesellschaft (FSG) announced today it has been taken over by Norwegian firm Siem Industries, a company with extremely deep roots in the global offshore sector including controlling interests in both Siem Offshore and offshore oil service company Subsea 7.

Peter Sierk and Frank Bywater, the two managing directors of FSG commented on the new development today:

“We are very glad about the new perspectives that open up as a consequence of this decision. We welcome Siem Industries on board, this time not as a client but as the new and rightful owner of FSG. This means a great chance for all of us – the shipyard and its employees.”

“Siem Industries is a successful, globally expanding and financially strong family-owned enterprise It allows us – the Flensburger shipyard – to continue our successful developments in the global offshore market.”

Under this new ownership, and with the full resources of the Siem Group behind them, the two managing directors see FSG gaining greater market share within the global offshore sector. Siem Offshore, the offshore shipping arm of Siem Industries has two vessels under construction at FSG which will subsequently be chartered to Helix Energy Solutions Group to fulfill a contract to Petrobras offshore Brazil. The ships have deliveries planned for February and July 2016.

At the end of August, FSG had a backlog of 540 million Euros and had an average turnover of 240 million Euro over the past five years. All of their ships are designed by their in-house staff of naval architects and marine engineers.